Deal Insight
Apache acquires interest in Beryl Area for US$1.75 billion
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Report summary
Apache is to acquire a package of UK assets from ExxonMobil for US$1.75 billion. The key interests are a 50% operated interest in the Beryl Area, plus operated interests in surrounding subsea tie-backs. This is a landmark transaction in the European M&A market: the biggest asset deal since 2005, and the largest disposal by any Major to date.Our base case valuation of the deal is US$1.33 billion. However, this number reflects the development plans of the current operator, ExxonMobil. For ...
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Beryl Area
- Nevis South
- Other interests
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Deal analysis
-
Upsides
- Forties lesson 1: Apache has an outstanding track record of delivering organic upside
- Forties lesson 2: value creation through M&A is a tough game
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Risks
- Partner alignment and risk of pre-emption
- Abandonment liability
- Focus
- ExxonMobil perspective
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Upsides
- Oil & gas pricing and assumptions
Tables and charts
This report includes 9 images and tables including:
- Executive summary: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- Wood Mackenzie base production forecasts; 1) acquired portfolio (net to Apache); 2) Beryl (gross field)
- Forties production: Wood Mackenzie 2003 view vs. current view
- Wood Mackenzie analysis of value creation through Forties acquisition
What's included
This report contains:
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